Made available in DSpace on 2016-03-15T19:26:25Z (GMT). No. of bitstreams: 1 Karen Priscila da Cunha Gavioliprot.pdf: 1194372 bytes, checksum: 6a6571efb045aaeed718f45bba378e72 (MD5) Previous issue date: 2015-02-11 / Given the broad topic in the field of capital structure, this work aims to contribute to the advancement of studies analyzing firms belonging to São Paulo Stock Exchange (BOVESPA), from 1995 to 2013. With the focus on identifying the behavior of financial leverage and the speed adjustment under different macroeconomic conditions, analogously with Cook and Tang (2010) and Mukherjee and Mahakud (2012). Some studies realized in other countries and also in Brazil used the macroeconomic variables as part of the company's debt composition, and there are, by all stakeholders, the need to improve knowledge on how companies react to changes of these macroeconomic variables. From a sample of 334 Brazilian, the panel was used in the art, applying the fixed effects method and then using dynamic through the GMM method (General Method of Moments) as a way to compare the results obtained in the static model and understand the leverage adjustment speed. Our results demonstrate that Brazilian companies are influenced by GDP and M4 when there is an unfavorable moment in the economy, adjusting their leverage faster, unlike in the case of the Selic interest rate, interest spread, inflation and exchange. In general, it appears that in Brazil companies tend to increase leverage when there is less growth for not sufiencientes reserves to survive the fall of the growth, and benefits from the low rates of times to get the most benefit front of banks and companies of development. / Diante do vasto tema no campo da estrutura de capital, esta dissertação visa contribuir no avanço dos estudos analisando empresas pertencentes a Bolsa de Valores de São Paulo (BOVESPA), no cenário de 1995 a 2013. Com foco em identificar o comportamento da alavancagem financeira e a velocidade de ajuste em diferentes condições macroeconômicas, analogamente com Cook e Tang (2010) e Mukherjee e Mahakud (2012). Alguns estudos em outros Países e no Brasil utilizaram as variáveis macroeconômicas como integrante na composição de endividamento da empresa, e há por parte de todos os agentes a necessidade de aprimorar o conhecimento em como as empresas reagem às mudanças dessas variáveis macroeconômicas. A partir de uma amostra de 334 empresas brasileiras, foi utilizado a técnica em painel, aplicando-se o método de efeitos fixos e em seguida utilizando o dinâmico por meio do método de GMM (General Method of Moments) como forma de comparar os resultados obtidos no modelo estático e entender a velocidade de ajustamento da alavancagem. Nossos resultados demonstram que as empresas brasileiras são influenciadas pelo PIB e M4 quando há um momento desfavorável na economia, ajustando a sua alavancagem mais rapidamente, diferentemente no caso das taxas de juros Selic, spread de juros, inflação e câmbio. De modo geral, verifica-se que no Brasil as empresas tendem aumentar a alavancagem quando há menor crescimento por não ter reservas sufiencientes para sobreviver a queda do crescimento, e beneficia-se do momentos de taxas baixas para obter maior benefício frente aos bancos e empresas de fomento.

Σε παγκόσμια κλίμακα αλλά και εντός των ελληνικών συνόρων κερδίζει συνεχώς έδαφος η άποψη, τόσο από το καταναλωτικό κοινό όσο και από την πλευρά των πολιτικών παραγόντων, ότι οι τιμές της λιανικής βενζίνης δεν αντανακλούν το κόστος του αργού πετρελαίου. Συγκεκριμένα υπάρχει διάχυτη η πεποίθηση ότι οι τιμές της βενζίνης αποκρίνονται ασύμμετρα στις μεταβολές της τιμής του αργού πετρελαίου-ενώ δηλαδή οι αυξήσεις περνούν άμεσα στις τιμές, δεν ισχύει το ίδιο και στην περίπτωση μείωσης των τιμών του αργού πετρελαίου. Με αφορμή αυτήν την άποψη, ελέγξαμε για ύπαρξη ασύμμετρων αποκρίσεων της τιμής της βενζίνης με δεδομένα για την Ελλάδα από την περίοδο 30 Σεπτεμβρίου του 2002 έως τις 15 Απριλίου του 2009. Βρήκαμε ότι, θετικές ασυμμετρίες στην τιμή ισορροπίας (όταν η τιμή της αμόλυβδης είναι πάνω από την τιμή ισορροπίας όπως αυτή ορίζεται από την τιμή του πετρελαίου) εμμένουν και δεν τείνουν να εξαλειφθούν, ενώ αντιθέτως, αρνητικές αποκλίσεις της τιμής της αμόλυβδης από την «δίκαιη» τιμή της τείνουν να εξαλειφθούν σε σύντομο χρονικό διάστημα. Η διαπίστωση αυτή μπορεί να ερμηνευτεί από τα χαρακτηριστικά που διέπουν την ελληνικά αγορά πετρελαιοειδών και περιορίζουν την ανάπτυξη του ανταγωνισμού-ο εφοδιασμός των επιχειρήσεων λιανικής εμπορίας γίνεται για παράδειγμα με την χρήση συμβάσεων εμπορικής συνεργασίας μεταξύ πρατηριούχων και εταιριών εμπορίας πετρελαιοειδών-που περιλαμβάνουν περιοριστικούς του ανταγωνισμού όρους στη διακίνηση των εμπορευμάτων. Αναφορικά με τους λόγους της ασύμμετρης απόκρισης των τιμών λιανικής βενζίνης, εκτός από τις αιτίες που αναφέρονται στην κλασσική Βιβλιογραφία (Δύναμη της αγοράς, δαπανηρή προσαρμογή της παραγωγής και των αποθεμάτων, κόστη έρευνας κτλ) αναφερθήκαμε και σε δευτερεύουσες αιτιάσεις οι οποίες μπορεί να αποδειχθούν εξίσου σημαντικές (η ύπαρξη μελλοντικών συμβολαίων, η σχετική ζήτηση, η επιλογή λογιστικών πρακτικών, η επίδραση των οικονομικών κύκλων και των δομικών αλλαγών). Επιπλέον, αναφερθήκαμε στις κυριότερες από την πληθώρα των σχετικών μελετών που έχουν πραγματοποιηθεί παγκοσμίως και ειδικότερα στα υποδείγματα που έχουν προταθεί ως καταλληλότερα για την ανάλυση του ζητήματος της ασύμμετρης απόκρισης των λιανικών τιμών της βενζίνης αλλά και στους λόγους για τους οποίους αυτά δίνουν διαφορετικά αποτελέσματα. / World-wide and within the borders of Greece, is gaining continually ground, both to the consumers and politicians, the opinion that, retail gasoline prices don’t reflect the crude oil cost. Specifically, there is a strong belief that gasoline prices, respond asymmetrically to crude oil price changes - while for example, the increases pass through immediately to prices, the same doesn’t hold in the case of crude oil prices reduction. With incentive this point of view, we tested for the existence of asymmetric responses of gasoline price with data for Greece, for the period 30 September 2002 to 15 April 2009. We found that, positive asymmetries in equilibrium price (when unleaded gasoline price is above the equilibrium price as it is determined from the oil price) persist and don’t tend to eliminate, whereas, negative deviations of unleaded gasoline price from it’s “fair” price, tend to eradicate in short time. This finding, can be interpreted by the characteristics that rule the Greek oil market and restrict the development of competition – the supply of retail trade companies, is held for instance, with the use of commercial co-operation contracts, between the owners of the gas stations and the oil products trading firms, that incorporate competition restrictive conditions in the distribution of the commodities. As regard the reasons of asymmetric response of retail gasoline prices, apart from the causes that have been referred in the classic bibliography, (market power, costly output and inventories adjustment, search costs, etc), we mentioned and secondary reasons that may proved to be the same important (the existence of future contracts, the relative demand, the choice of the accounting practices, the effect of economic cycles and structural changes). Furthermore, we referred to the main, from the plentitude of the relative studies that have taken place worldwide and particularly to the models that have been suggested as proper for the analysis of the issue of asymmetric response of retail gasoline prices, as well as and to the causes for which they yield different results.

Submitted by Natalia Lopes (nati_lopes1@hotmail.com) on 2015-03-06T12:36:44Z No. of bitstreams: 1 Natalia Lopes_Final.pdf: 1150711 bytes, checksum: 79a8982512192755c02ea2a9b32168e4 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-03-06T12:50:57Z (GMT) No. of bitstreams: 1 Natalia Lopes_Final.pdf: 1150711 bytes, checksum: 79a8982512192755c02ea2a9b32168e4 (MD5) / Made available in DSpace on 2015-03-06T13:06:44Z (GMT). No. of bitstreams: 1 Natalia Lopes_Final.pdf: 1150711 bytes, checksum: 79a8982512192755c02ea2a9b32168e4 (MD5) Previous issue date: 2015-02-06 / We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered. / Analisamos o impacto de características específicas da empresa, bem como os fatores econômicos sobre a velocidade de ajustamento para alcançar o ponto ótimo da dívida. Usando métodos diferentes, encontramos velocidades de ajustamento que variam de 14,4% a 37%. Os resultados indicam que a velocidade de ajustamento é afetada por variáveis do ciclo de negócios: O termo de interação relacionado ao term spread revela, como esperado, um ajustamento mais rápido em booms do que em recessões e uma relação negativa entre o spread de curto prazo e velocidade de ajustamento. Mostramos também que a velocidade de ajustamento torna-se estacionária quando o aumento das de firmas com dívida zero é considerado.

Submitted by Pedro Zappa (pzappa@fgvmail.br) on 2011-09-01T14:46:26Z No. of bitstreams: 1 Governança Corporativa e a Velocidade de Ajuste - Final.pdf: 655183 bytes, checksum: da6ae09f858531e936e35f6f04110265 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2011-09-26T18:27:18Z (GMT) No. of bitstreams: 1 Governança Corporativa e a Velocidade de Ajuste - Final.pdf: 655183 bytes, checksum: da6ae09f858531e936e35f6f04110265 (MD5) / Made available in DSpace on 2011-09-26T18:27:26Z (GMT). No. of bitstreams: 1 Governança Corporativa e a Velocidade de Ajuste - Final.pdf: 655183 bytes, checksum: da6ae09f858531e936e35f6f04110265 (MD5) Previous issue date: 2011-05-20 / This study aims to examine the relationship between corporate governance and the speed of adjustment to the optimal capital structure of companies listed on BM&FBovespa between 1998 and 2009, from the perspective of the Dynamic Trade-Off Theory. The level of corporate governance was measured on the basis of different listing segments of the BM&FBovespa, with some control variables used to determine the optimal leverage. The results indicate that firms with better governance have lower degree of leverage and adjust more quickly towards the optimum. / O presente trabalho tem por objetivo analisar a relação entre governança corporativa e a velocidade de ajuste para a estrutura ótima de capital das empresas listadas na BM&FBovespa entre 1998 e 2009, sob o prisma da teoria do Trade-Off Dinâmico. O nível de governança corporativa foi medido com base nos segmentos de listagem diferenciada da BM&FBovespa, tendo sido utilizadas algumas variáveis de controle para a determinação da alavancagem ótima. Os resultados indicam que empresas com melhor governança têm menor grau de alavancagem e se ajustam mais rapidamente em direção ao ótimo.

近幾年針對資本結構的研究發現,在比較先進國家的企業確實有逐步調整回自己的最適資本結構的動作。本論文進一步將研究擴大到開發中國家，發現研究中的32個國家，不論是已開發或是發開中國家的企業，確實都有維持最適資本結構的動作。當資本結構偏離時，企業會逐步地調整回其最適值，然而每個國家調整回最適資本結構的調整速度則存在著差異性。本論文進一步利用國家間法律、會計、制度以及規範面的差異下去分析，發現國家發展程度以及會計制度是影響調整回最適資本結構的速度快慢的重要因子。此外，本論文亦探討融資順位理論及擇時理論的影響，發現加入融資順位理論因子後，調整速度會有相當程度的減緩，而減緩的幅度，則與國家發展程度、法律保護、公司稅率以及會計制度有顯著的關連性。 / Recent empirical literature provides evidences that firms in most developed countries do partially adjust toward their target capital structure. In this paper, we show that no only firms in developed countries, but also those in emerging countries gradually move back to their long-run equilibrium when they are away from it. But the adjustment speeds vary from country to country. We study the determinants of adjustment speeds around the world by focusing on differences in laws and regulations across countries. Our evidences show that firms in countries with common-law tradition, stronger shareholder right, or more completed accounting standards tend to move back to their optimal leverage quicker. Furthermore, we add two variables related to other two main capital structures (pecking order and market timing) in our analysis to capture their effects. Both theories add some information in explaining capital structure, but the impacts differ when applying different leverage measures. When we define leverage ratio as long-term debts dividend by net assets, we observe that pecking order factor lowers the adjustment speed a lot. And the magnitude of decrease on adjustment speed is significantly correlated with market condition, law enforcement, corporate tax rate and accounting standard. More developed countries and countries with stronger law enforcement, higher corporate tax rate, or more completed accounting standards tend to have less reduction on adjustment speed when including pecking order factor, because they have less information asymmetries.